Jollibee acquires 40% of Smashburger for $100M

JOLLIBEE Foods Corp. (JFC) said that the acquisition cost for a 40 percent stake of US-based burger joint Smashburger Master LLC has increased more than tenfold to $100.25 million due to the US firm’s higher than estimated actual level of cash.

In a disclosure to the Philippine Stock Exchange on Thursday, JFC said that its acquisition price of 40 percent of Smashburger has increased from the original agreed purchase price of $99.47 million to $100.25 million, or a difference of more than $777,000.